Senators Steele and Bray have introduced SB 56 which would permit the creation of legacy trusts in Indiana. Legacy trusts (pdf) appear to be a device for creating and maintaining dynastic wealth and protecting the assets from creditors of the trust beneficiaries. These trusts can last indefinitely (the Rule Against Perpetuities is suspended for such trusts) and receive significant input about management of the assets from the beneficiaries.
This is not my area of the law, so maybe someone can offer better insights, but I don’t understand the public policy that is served by having wealth controlled by the dead hand of our ancestors or by allowing individuals to enjoy the benefits of wealth while limiting the ability of creditors to obtain payment for debts that are due and owing for goods and services that have been provided.